It has been another disappointing day for the S&P/ASX 200 Index (ASX: XJO). In afternoon trade, the benchmark index is down 1.1% to 7,194.4 points.
Four ASX shares that are falling more than most today are listed below. Here’s why they are tumbling:
Afterpay Ltd (ASX: APT)
The Afterpay share price is down 4% to $122.43. This decline has been driven by a pullback in the Square share price overnight. As Square is acquiring Afterpay in an all-scrip deal, the value of the takeover changes with the payment giant’s share price. The Square share price was well and truly out of form and dropped 6% overnight.
Mineral Resources Limited (ASX: MIN)
The Mineral Resources share price has dropped 5.5% to $43.39. Today’s decline appears to have been driven partly by a broker note out of Morgan Stanley today. According to the note, the broker has retained its underweight rating and cut its price target on the company’s shares to $41.00.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is down 3% to $2.00. A number of resources shares are falling today amid a broad market selloff. And given how the Pilbara Minerals share price has more than doubled in value this year, some investors may be taking a bit of profit off the table as well.
Pro Medicus Limited (ASX: PME)
The Pro Medicus share price has fallen 3% to $52.43. Weakness in the healthcare and technology sectors today has been weighing on the health imaging software company’s shares. And as with Pilbara Minerals, profit taking could be adding to this. After all, the Pro Medicus share price is still up 49% since the start of the year.
The post Why Afterpay, Mineral Resources, Pilbara Minerals, & Pro Medicus shares are falling appeared first on The Motley Fool Australia.
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More reading
- Here are the 3 most traded ASX 200 shares so far today
- Why the Zip share price plunged 6% this morning
- ASX 200 (ASX:XJO) midday update: Big four banks fall, Afterpay tumbles
- Afterpay (ASX:APT) and Zip (ASX:Z1P) share price falls as Mastercard opens up the BNPL sector
- Why ASX tech shares are crashing on Wednesday
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO and Pro Medicus Ltd. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO and Pro Medicus Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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